Financial Data and Accountability

Financial data

Through the Society's prudent investments and frugal financial practices, we are able to channel 100% of our donations to help sick and needy children with overhead being met in its entirety through internal sources.

The most recent audited financial statements, dated December 31, 2006, show that last year the Society disbursed $634,753 in direct aid to children in Russia.

In 1990, the Society received a $4.5 million bequest from the estate of John Engalitcheff, Jr.

Accountability

RCWS has put in place a thorough system of checks and balances to make sure grants are used for their intended purpose:

• Organizations must provide a complete application detailing the project for which they are seeking support as well as a budget


• RCWS issues an official agreement stating the dollar amount of the grant and how it is to be spent


• Russian banks will not authorize release of funds without such an agreement and require invoices from grantee organizations that match items and services designated in the agreement


• The Director of our Moscow office visits grantee organizations to check up on the society's projects


• RCWS representatives in Russia, as well as RCWS Board members make periodic visits


• Organizations are required to submit mid year and final reports detail expenditures and overall achievements